Telix 2022 Full Year Results: Revenue up 20x in first year of commercial sales, underpins transition to cash flow positive
Melbourne (Australia) | 27 February 2023
Telix today announces its financial results for the financial year ended 31 December 2022.
- Total Group revenue $160.1M (2021: $7.6M) commercial launch of Illuccix® drives 20x increase in revenue
- Highly positive top-line data from Phase III ZIRCON trial of investigational kidney cancer imaging agent TLX250-CDx paves way to commence
regulatory filing process for a second imaging agent for the urology field
- Advancement across the core therapy pipeline programs, including:
- Patient dosing in ProstACT SELECT and TARGET prostate cancer therapy trials
- Manufacturing scale-up to facilitate commencement of the ProstACT GLOBAL trial in international sites in 2023
- Patients dosed in STARLITE 2 study of therapy candidate TLX250 in patients with advanced clear cell renal cell carcinoma (ccRCC) in combination with immunotherapy
- Final data from IPAX-1, a Phase I/II trial of TLX101, an investigational therapy in patients with recurrent glioblastoma multiforme (GBM), confirmed the study met its primary objectives and demonstrated encouraging preliminary efficacy data
- Build out of the radioisotope production facility in Brussels South progressing, on-track to commence operations in 2023
- Net loss after tax $104.1M (2021: $80.5M), reflecting a period of investment to scale-up commercial and clinical activities
- Adjusted earnings before tax, interest, depreciation and amortisation (Adjusted EBITDA) $(67.8)M (2021: $(76.1)M)
- Gross margin (62%) has steadily improved since launch, reflecting efficiency gains in manufacturing of commercial products and scale benefits
- Improvement in cash balance and net cash utilisation:
- Cash and cash equivalents of $116.3M as at 31 December 2022 (2021: $22.0M)Improved cash balance reflects $175.0M capital raise undertaken in January 2022, cash generation from sales of Illuccix and improved operating expenditure control
- Improved cash balance reflects $175.0M capital raise undertaken in January 2022, cash generation from sales of Illuccix and improved operating expenditure control
- Customer receipts generated cash of $124.1M (2021: $4.2M), reflecting the commencement of commercial sales
Dr Christian Behrenbruch, Group Chief Executive Officer and Managing Director commented on the result:
“This year Telix has demonstrated it can effectively identify, develop and commercialise assets. This included the delivery of a complex Phase III trial and scale-up of the business to support the highly successful launch of our first commercial product, IIluccix. These achievements, along with a continued focus on expenditure control, have seen us finish 2022 in a strong financial position with a healthy cash balance and a growing revenue stream. Our commitment to financial stewardship is enabling us to invest our earnings to fund the late-stage programs in our pipeline, while transitioning to cash flow positive. Ultimately this will deliver further benefits to patients and shareholders.
“Along with the launch of Illuccix, the positive readout of our Phase III ZIRCON study of our kidney cancer imaging agent, TLX250-CDx was a major highlight of 2022. We look forward to building on this strong foundation in 2023 as we prepare regulatory filings for two imaging agents for kidney and brain cancer and continue to advance the late-stage therapy programs in prostate, kidney and brain cancer.”
Further details on the Company’s results can be found in the Company’s Appendix 4E, investor presentation slides and 2022 Annual Report lodged with the ASX and also available on the Company’s website.
An investor conference call / webcast will be held on Tuesday 28 February 2023 at 9.00am AEDT (Monday 27 February 2023 at 5.00pm EST).
Participants may register for the call at the following link: https://s1.c-conf.com/diamondpass/10028733-atfd6f.html
To download the 2022 Annual Report click here
To view the shareholder update presentation click here
To read the full ASX release click here